The gold prices continued retreated from the 2 week high. However its decrease is expected to be limited due the dollar weakness across the board.
The technical picture presents a slightly bearish tone. The price is consolidating at 1336 after a sharp decrease. The 50-EMA is crossing the 100 and 200 EMAs upwards in the 4 hours chart. The moving averages are moving upwards. The resistance is at 1350, the support comes in at 1330 per ounce.
The MACD histogram decreased which indicates the buyers’ weakness. RSI left the overbought area and is approaching the oversold one.
Sellers’ first target is the level 1330 per ounce. After breaking the level they will push the price to 1320. In the scenario where buyers are back the gold quotes will grow towards 1350.
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